Weekly Freight Recap: 20/11/25

Overview

The dry bulk market showed a steady but uneven performance, with Handysize activity quiet, Supramax maintaining a firm underlying tone, and Panamax supported by stronger fundamentals in both basins. The Atlantic remained broadly stable, supported by positional tightness in some regions, while the Pacific held steady despite lighter fixing. Period and voyage activity continued across segments, reflecting balanced supply and demand dynamics.

Handysize

The Handysize segment experienced a quiet trading day, with sentiment broadly flat and fundamentals unchanged. The BHSI closed at 820, and the 7TC average eased slightly to $14,759. The Continent and Mediterranean remained steady, supported by fresh enquiry and limited prompt tonnage, while the South Atlantic and U.S. Gulf stayed quiet with limited activity and flat rates. In Asia, the market held a balanced but subdued tone, with steady rates amid slower trading. Reported activity included a Morocco–Far East trip and short-haul Asian movements involving grains and slag.

Supramax

Supramax fundamentals remained stable, with the BSI at 1,430 and the 11TC average at $18,080. The Atlantic experienced a mostly flat day, with slight softening in the U.S. Gulf as additional tonnage and ballasters weighed on sentiment, while the South Atlantic and Continent–Mediterranean remained positional. In Asia, supply and demand stayed balanced, and owners continued showing preference for NOPAC routes due to firmer returns. Fixtures included scrap, petcoke, and grain runs in the Atlantic, and coal, Indonesia–India, and Durban–China trips in the Pacific.

Panamax

The Panamax sector remained supported by firm conditions in the North Atlantic, driven by tight prompt tonnage and stronger fronthaul demand. Shorter-duration business traded at improved levels, reflecting elevated expectations. In the Pacific, Indonesian rounds remained active, while Australia and NOPAC trades held steady. The BPI timecharter average rose to $17,057. Fixtures included U.S. East Coast fronthaul trips, India-bound voyages, Indonesian rounds, and NOPAC continuation runs. Despite some softer tones in parts of the basin, improving spot indicators and South Atlantic tightness signalled a steady underlying trend.

Regional Pulse

Atlantic Basin

• Continent–Mediterranean steady for Handysize and Supramax

• U.S. Gulf softer for Supramax but steady for Handysize

• South Atlantic quiet for Handysize, steady for Supramax

• Panamax supported by fronthaul activity and tight tonnage

Pacific Basin

• Handysize stable but subdued across Asia

• Supramax steady, supported by NOPAC interest

• Panamax active on Indonesian rounds; Australia/NOPAC stable

Handysize-Specific Notes

• Continent–Mediterranean firming slightly on enquiry

• South Atlantic and U.S. Gulf quiet with limited activity

• Asia balanced but slow, keeping rates flat

Geopolitical & Security Developments

EU Naval Forces Respond to Tanker Hijacking off Somalia European naval forces rescued 24 crew members from a Maltese-flagged tanker seized by Somali pirates off East Africa. The crew sheltered in the vessel’s citadel while attackers briefly controlled the ship. Increased vessel diversion away from the Red Sea has contributed to renewed piracy risks, with several hijackings reported over the past year.

Panama Rejects U.S. Claims on Free Canal Transit for Government Vessels The Panama Canal Authority denied statements from the U.S. State Department that American government vessels would transit the canal without paying fees. While Panama rejected reports of fee changes, it signalled willingness to continue dialogue. The development follows rising political tension, with U.S. officials criticising canal tolls and suggesting the possibility of reclaiming control if negotiations fail.

Outlook

• North and South American grain flows expected to shape Panamax direction

• U.S. Gulf Supramax pressure may persist amid growing tonnage

• Pacific activity dependent on Indonesian, Australian, and NOPAC cargo flows

• Geopolitical disruptions around East Africa and Panama may affect broader logistics